In This Video:
A common question we receive and an often-misunderstood topic is whether someone can collect their Social Security benefits and work at the same time. Then they ask about penalties and reductions in that scenario.
Things to Consider:
Today we’re going to talk all about the rules around working and collecting Social Security. Everything you need to know will be laid out in this video and Scott will tell you whether or not you can expect deductions from your benefits. More and more people are choosing to work into retirement so we want to make sure you don’t lose out on any income should you do so as well.
For those wondering, here are the common sources of income and what gets classified as income for Social Security purposes.
What counts as income:
W-2 Income, Self-Employment, Bonuses, Commissions, Vacation Pay
What doesn’t count as income:
IRA withdrawals, Pensions, Dividends, Capital Gains
Here’s what we cover in this financial video:
0:00 – Intro
2:39 – Hypothetical scenario
3:47 –Timeframe 1: Prior to the year of Full Retirement Age (FRA)
6:12 – What counts as income?
8:45 – Timeframe 2: The year of Full Retirement Age
11:38 – Timeframe 3: Full Retirement Age and After
13:03 – What you need to know about deductions
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